Sony Pictures Television in joint venture with Russia's NMG

Reuters Staff

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MOSCOW (Reuters) - Sony Corp production studio Sony Pictures Television and Russian media holding company National Media Group (NMG) have set up a joint venture to operate Sony’s pay television channels in Russia, NMG said on Monday.

Sony Corp's logo is seen at its news conference in Tokyo, Japan November 1, 2017. REUTERS/Kim Kyung-Hoon

NMG said it was buying 80 percent in a company broadcasting Sony channels in Russia. It did not disclose financial details of the transaction.

It also has a joint venture with Discovery Communications, which operates the Russian versions of the Discovery Networks, Eurosport and Turner channels. In 2016 NMG also struck a partnership agreement with Viasat World.

NMG was set up in 2008 by Bank Rossiya — now under Western sanctions over Moscow’s role in the Ukrainian conflict — as well as metals tycoon Alexei Mordashov and insurance group Sogaz.

Bank Rossiya no longer controls NMG, a leading private media holding in Russia, business daily Vedomosti reported in 2016.